Panchshil Realty Signs MOU For Smart City Pune Project

India – Panchshil Realty, one of India’s most successful property developers, is proud to announce they have signed MOU for Smart City Pune project. The MOU has been signed by Panchshil Realty, Smart City Korea, Carbon Asset Management and Posco E&C as the first selected project by Smart City India. Smart City Pune in Kharadi development budgeted at 1 billion USD and will involve 120 acres masterplan located in Kharadi – Pune, with projected 10 million square feet. Smart City India consortium shall work closely with all the government agencies to facilitate the development and its sustainability. The time frame of the entire project is less than 36 months after commencement of construction.

Speaking on the MOU signed by the joint venture, chairman of Panchshil Realty, Atul Chordia said, “Panchshil Realty is committed to establishing sustainable smart cities, and the joint venture of Smart City India is the next generation of sustainability with the highest exposure to artificial intelligence.”

“Our aim at Smart City India is to redefine the low risk and sustainable financial models for building Smart Cities for the future generations. In each smart city we structure the right balance between private equity investment and debt finance backed by Exim banks and syndicated commercial banks to maximize the competence of our investments,” said Morad Fouladi, Non-executive chairman of Carbon Asset Management.

The SMART built-up area is the first project by SMART CITY INDIA consortium in India which will benefit from the finest technologies and solutions in development, ICT and telecommunication, E-governance and administration, energy efficiency and sustainability, etc.

Smart City Korea’s chairperson, Erica Yoon, has this to say about the MOU, “Smart City India is a joint venture between world-class partners to provide turnkey Smarty City solutions and Smart City Korea (in association with Smart City Dubai) dedicates its expertise and solutions to make Smart City India a pure success.”

“Posco Engineering and Construction as No.1 construction company specialized in high-rise buildings in Korea is warmly supporting the Smart City developments in India and would proudly contribute to such developments by the latest construction technologies. Posco Engineering and Construction has extensive experience in development of Smart Cities such as Songdo area in South Korea where smart waste management system, traffic management, public services have been integrated,” said by Mr.Chan-gun Han the chairman of Posco engineering and construction.

About Smart City India

Smart City India is a property development project with a joint venture between top property design, investment, and management companies in the world. Each Smart City project is environmentally friendly, efficient, and energy saving. It supports high-tech ICT and green technologies, ideal for entrepreneurs and start-up companies.